The UK Financial Conduct Authority (FCA) conducted searches at eight locations in London over suspicions of illegal P2P trading of digital assets.

The operation involved the Tax Authority and police. Law enforcement issued cease-and-desist orders to operators and gathered evidence for criminal investigations.

Steve Smart, head of the regulator's enforcement division, stated that to date, no P2P traders or platforms are registered with the FCA. Registration is required to operate in the country under anti-money laundering regulations.

The agency will continue to crack down on such services in collaboration with partners, he emphasized. The police supported this stance. Detective Ross Flay noted that P2P traders could assist criminals in laundering money.

Cryptocurrency Regulation in the UK

According to lawyer Thomas Catty from Gherson Solicitors LLP, the FCA has decided not to wait for comprehensive regulation in the country and is already expanding its powers.

The FCA’s latest crypto consultation will shape UK regulation ahead of 2027. Find out what it means for businesses and how to prepare.
>> https://t.co/roI7BLoO5Q#CryptoRegulation #FinancialRegulation #CryptoAssets #Compliance #FinTech #Blockchain pic.twitter.com/w2FimDcSoc

— Gherson Solicitors LLP (@uk_immigration) April 22, 2026

UK authorities are expected to finalize specific rules for the industry by October 2027. Meanwhile, some activities already require registration with the FCA, Catty added.

Since January of this year, the UK Tax Authority has begun tracking information about cryptocurrency owners for tax calculation and assessment.

In March, the government passed urgent legislative changes to restrict political donations in digital assets.